A Challenging Market

[insuranceconceptscindy]

We are a small, mom & pop (well, dad and daughter) life and health (soon to add P&C) broker in Las Vegas. We have been relatively successful, but we have had a few challenges as of late. My dad and I are pretty good at what we do, when we have someone to sit in front of us. The problem is: there hasn't been anyone! We've done mailers, appointment setters, internet leads, you name it! We even have some of the largest brokers in town referring their Seniors. But the well is running dry!

The people in Las Vegas are a finicky bunch. They don't like to be sold, and when we can get them something- they don't tell their friends! Getting referrals is like bleeding a turnip! All of our clients love us and are happy, but they don't share their wealth.

Has anyone encountered a similarly tough market? What have you done to set yourselves apart? Anyone find that silver bullet to get through these tough sells?

 

[somarco]

They don't like to be sold,

No one does.

when we can get them something- they don't tell their friends! Getting referrals is like bleeding a turnip!

Sounds like you are trying too hard. Scaring them off.

 

[Crabcake Johnny]

No one gets referrals. They are earned.

 

[patch36]

I'll come to your office and cross sell your clients annuities and single premium life in the cold months. You pay all the expenses and I'll split commissions.

My point is, Have you looked at getting into more senior oriented product lines like annuities and wealth transfer products like single premium life? You may already have all the customers you need without going into something like P&C that requires enormous customer service and is becoming a commodity that is sold based on price.

 

[Mr. Bill]

What's wrong with gimmicks and bribes? I really liked the freegascard idea! Give 'em a $25 gas card for every referral!

 

[insuranceconceptscindy]

We mainly do financial products like Annuities and LTC. No P&C yet. I do a lot of Medicare based business as a foot in the door for financial planning.

I don't think we beg for referrals, we always ask them to send their friends if were happy with us. They come back, but don't bring their friends.

We are looking into the health fairs and doing little educational lectures at libraries and things, we just don't want to blow our budget on another project that doesn't generate business.

One idea we've been kicking around is gift cards for Starbucks- have a cup of coffee on us! Gas cards would probably be better, but we don't want to spend too much.

It's just a weird market. Toughest we've encountered. Just looking for ideas that work in other tough markets.

 

[xosephchu]

The people in Las Vegas are a finicky bunch. They don't like to be sold, and when we can get them something- they don't tell their friends! Getting referrals is like bleeding a turnip! All of our clients love us and are happy, but they don't share their wealth.

How do you ask for referrals? Do you use any script?

 

[somarco]

All my emails have this signature.

Referrals are ALWAYS appreciated!

Every one.

Of course it also has my name, contact info and hyperlink to my website.

It is the most overt thing I do to garner referrals.

I also use drip marketing and I answer questions about insurance in public forums. All these things plus the way I handle my clients on the front end generate 30+ new clients per year.

As my client base grows so do the referrals.

It takes time and a bit of luck.

It also helps if your clients have a positive feeling about their initial contact with you.

 

[DarrylVK]

All my emails have this signature.

Referrals are ALWAYS appreciated!

Every one.

Of course it also has my name, contact info and hyperlink to my website.

It is the most overt thing I do to garner referrals.

I also use drip marketing and I answer questions about insurance in public forums. All these things plus the way I handle my clients on the front end generate 30+ new clients per year.

As my client base grows so do the referrals.

It takes time and a bit of luck.

It also helps if your clients have a positive feeling about their initial contact with you.

Thanks for the great tips!

Always appreciated!

Darryl